ICAP elects new president
Grant Thornton Pakistan senior partner Imran Afzal
has been elected as the president of the Institute of the Chartered
Accountants of Pakistan (ICAP) for 2007 and 2008. Afzal, a business
graduate from the Punjab University of Pakistan, qualified from
ICAP in 1986. He joined Grant Thornton in 1990 and has served on
ICAP’s executive council since 2001. Afzal is also an ICAP
representative on the Confederation of Asian and Pacific
UK Auditor General to resign
John Bourn has announced he will resign from the position of UK
Comptroller and Auditor General (C&AG). He will remain in the
post of chairman of the Financial Reporting Council’s Professional
Oversight Board (POB). Bourn has been the C&AG for 20 years.
His retirement is due to the potential of a conflict of interest
between his roles as the C&AG and chairman of the POB. A clause
in the new UK Companies Act 2006 will give Auditor Generals the
power to audit public limited companies from next April, and
therefore come under the inspection regime of the POB.
UK FRC to amend code
The UK Financial Reporting Council (FRC) has recommended two minor
changes to the Combined Code on Corporate Governance. These include
removing the restriction on an individual chairing more than one
FTSE 100 company, and allowing the chairman of a smaller listed
company to be a member of the audit committee where he or she was
considered independent on appointment. FRC chairman Christopher
Hogg said there was no demand for significant changes to the code
at this point in time.
CGA-Canada reveals new board
The Certified General Accountants Association of Canada
(CGA-Canada) has named its board of directors for 2007-2008. Ron
Colucci is the newly elected chair. He is the principal of R.V.
Colucci Certified General Accountants in Ontario and has been a
public practitioner since 1988, after spending more than a decade
in industry in various finance roles. Tony Ducie has been elected
to the board as first vice chair and Terry LeBlanc has been elected
second vice chair. Moe Jones, Joyce Evans, Pierre Samson and past
chair Jackie Poirier are also on the board’s executive.